Quiksilver Inc. said it was notified by the New York Stock Exchange that its common stock “is not in compliance with the NYSE’s continued listing standard,” which requires a minimum average closing price of $1 per share for more than a period of 30 consecutive trading days.

The stock, which trades on the ticker “ZQK” has been under a $1 since June 9. It closed today at 61 cents.

The retailer said in its statement that under the NYSE’s rules it “has a period of six months from the date of the NYSE notice to bring its 30-day average share price back above $1. However, if the Company determines to remedy the non-compliance by taking action that will require shareholder approval, such as a reverse stock split, the Company must obtain shareholder approval of such action by no later than its next annual meeting, and implement such action promptly thereafter.”

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